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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (15585)	2/16/1999 12:37:00 PM
From: Bull RidaH	Read Replies (2) \| Respond to of 44573

Chip, <<It sure is sitting here at 1248-50>> One very good reason for this may be because it is bumping into the downtrend line off the 2/1 peak. Looking at an SPX intraday chart, If you connect the late day high of 2/1 and 2/3, you'll find that line is trending down into the 1249.5 area now, and is 1247.7 by the end of the day. It wouldn't make sense to cover index shorts unless we had 2 or 3 five minute bar closes above that line. To get some momemtum to the downside, we need to break the fork coming up off the 2/12 lows, with the left tine set at the 2/13 close, and the right tine set off Friday's late day low. This a.m.'s rally ran back up to the middle tine and died. If we take out 1234 SPX now or 1243 by the end of the day, the shorts are out of jail on this fork. Regards David